The Crypto Daily – Movers and Shakers – October 23rd, 2020It’s a bearish start to the day for the majors. Bitcoin would need to move back through to $13,000 levels to support the broader market.
Bitcoin, BTC to USD, rose by 1.38% on Thursday. Following on from a 7.43% rally on Wednesday, Bitcoin ended the day at $12,988.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $12,710.0 before making a move.
Steering clear of the first major support level at $12,073, Bitcoin rallied to a late intraday high $13,188.0.
Falling short of the first major resistance level at $13,383, Bitcoin fell back to end the day at sub-$13,000 levels.
The near-term bullish trend remained intact, supported by the latest move through to $13,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
Crypto.com Coin fell by 4.30% to buck the trend on the day.
It was a bullish day for the rest of the majors.
Chainlink rallied by 10.76% to lead the way.
Cardano’s ADA (+4.62%), and Ethereum (+5.96%) also found strong support on the day.
Binance Coin (+3.02%), Bitcoin Cash ABC (+1.87%), Bitcoin Cash SV (+2.51%), Litecoin (+2.54%), Polkadot (+1.86%), and Ripple’s XRP (+2.39%) trailed the front runners on the day.
In the current week, the crypto total fell to a Tuesday low $347.77bn before surging to a Thursday high $397.58bn. At the time of writing, the total market cap stood at $386.25bn.
Bitcoin’s dominance fell to a Wednesday low 57.52% before rising to a Thursday high 62.46%. At the time of writing, Bitcoin’s dominance stood at 61.84%.
At the time of writing, Bitcoin was down by 0.59% to $12,911.6. A mixed start to the day saw Bitcoin rise to an early morning high $12,986.9 before falling to a low $12,887.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day for the broader market.
At the time of writing, Crypto.com Coin was down by 2.45% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $12,962 to bring the first major resistance level at $13,214 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $13,188.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $13,500 before any pullback. The second major resistance level sits at $13,440.
Failure to move back through the $12,962 pivot would bring the first major support level at $12,736 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$12,500 levels. The second major support level sits at $12,484.